Hey, we’re Carter!
Hey Carter is an app that makes the new car purchasing process a breeze. Amit, Tom and Vikash met at a management consulting firm and quickly hit it off. They then moved on to be executive employees of a startup and did phenomenally well there before deciding that they wanted to branch off on their own and make something awesome. And that first something awesome is Hey Carter. In this episode we hear about application testing with users, building a company around a team instead of an idea, the benefits of getting a funding partner, and looking at the whole value chain of stakeholders and how you can create value for all of them.
Look out for insights into the following:
1. The Founders’ (Tom, Vikash and Amit) backstory:
Tom, Vikash and Amit take us through their individual journeys towards entrepreneurship
2. You’re only as good as your team
The MMA team have worked well together in different organisations and different roles, and that is their “secret sauce”, its not their idea but who they are and how they work together.
3. Ideas do come from necessities
Vikash, realised the stress of buying a new car when he had to look at changing his car as his family grew.
4. What is Hey Carter?
An application that learns what you like and dislike and finds you the appropriate car and as a bonus, can get you quotes. Its a platform or department store for cars that gets you to the right rail.
5. Customer insight is very important
Throughout their journey, the team tested their assumptions and their application to ensure that they were on the right path and giving consumers what they wanted. If you can’t find customers, start with people you know who fit your target market. Key: don’t exhaust your users, once you start to see a trend in answers, pause, make changes and then test the next set of users.
6. Marketing strategy
Before you start marketing or spending money on marketing, it would be good to map out your plan of action. Who do you want to start with? Where do they get their information from? How do you tailor your message appropriately etc.
7. Don’t hold onto your idea
Make changes as and when they are needed. Not for the sake of changing, pick your battles, but also make sure that you don’t hold onto something that isn’t wanted or working.
8. Development process
Prioritising development phases and stages have been key to getting them to build and test quickly. Outsourcing outside of South Africa wasn’t an option for them, because they wanted to work collaboratively in real time.
9. Outsourcing is not a swear word
They have outsourced key elements that weren’t their core competencies, but they still ensure that they can work well with them. It’s not about price or skill, but do we click.
10. To fund or not fund
When you want to grow, you need cash. It allows you to focus on your business. Looking for a funding partner and not just funding, is key. Someone who can give you money and support and experience.
11. Build value throughout your value chain
When building your business idea, all stakeholders should have value. From partners to funders to end users. They will all play a key role at some point in the value chain, so give value and you will receive value.
“I didn’t want to solve other people’s problems, I didn’t want to walk away without implementing it, I actually wanted to make a difference myself.”
“We didn’t start with an idea then formed a team, we started with a team then formed an idea”
“How do you develop our team into a high performing team.”
“The leap’s the leap. The stars never align.”
“If you want to do something, you have to make it happen.”
“What is your MVC, minimum viable company?”